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IF- <br /> TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30, 1989 <br /> Total unfunded pension benefit obligation of the BCRS was $76, 118, 000 <br /> at January 1, 1987 as follows: <br /> Pension Benefit Obligation: <br /> Retirees and beneficiaries currently receiving <br /> benefits and terminated employees not yet <br /> receiving benefits <br /> $ 53, 065, 000 <br /> Current Employees: <br /> Employee Contributions <br /> Employer - Financed Vested 24, 118, 000 <br /> Employer - Financed Nonvested 1-3, 011, 000 <br /> Total Pension benefit Obligation <br /> Net Assets available for benefits, at market value 119, 683, 00043_, 5 <br /> .6- <br /> 19, 683, 0OC}IF3r .36- oOC, <br /> Unfunded Pension benefit Obligation, <br /> 76, i i B.LE>C3C� <br /> ------------ <br /> 3. Cont r i but i on Reg u i rernent s ar,d Contributions Made <br /> The system' s funding policy for the Town is not actuarially deter- <br /> rnined. The Town is required to actuarially <br /> each fiscal year, an <br /> amount approximating the pension benefits (less certain, interest <br /> credits) expected to be paid during the year <br /> This amount ("pay-as-Yu-g0" method) . <br /> is determined o <br /> in advance by the Public Employees Retire- <br /> merit Administration, (PERA) and is based in, part On the previous year' s <br /> benefit payout. The Commonwealth Of Massachusetts currently reim- <br /> burses the system On a quarterly basis for the portion Of benefit pay- <br /> ments Owing to cost-of-living increases granted after the in iementa-tian Of Proposition 2 112_ <br /> :T. <br /> The Town' s contribution to BCRS for the year ended ed Becernber 31, 1988 . <br /> > was made in accordance with the funding policy described <br /> above which represents approximately 3.57% of the systern-wide employer 'li!'iiiGil <br /> cont ri but i ons. <br /> . 31 <br />